Chevron tops profit estimates, shares climb

NEW YORK (MarketWatch) -- Chevron Corp.
CVX, +0.04%
said it earned $5.7 billion, or $2.98 a share, in the second quarter, up from $5.4 billion, or 2.77 a share, in the same period a year ago, as strong crude oil prices and gains on asset sales offset lower production volumes due to maintenance activity at a plant in Kazakshtan. Sales rose to $56 billion from $55 billion. The FactSet consensus was for per-share earnings of $2.64 and sales of $56.930 billion. "We continue to make significant progress on our major capital projects which are expected to underpin a 20 percent increase in production by 2017 and enable significant growth in our cash flows," Chief Executive John Watson said in a statement. Shares rose 1% in premarket trade.

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